Rules have been drafted by the insurance regulator to make auditors of insurance firms more 'responsible', according to a top insurance official.
"We formulated more rules for the auditors to hold them more responsible. Auditors need to undertake more responsibility as far as the public interest is concerned," Udaya Sri Kariyawasam, Chairman Insurance Board of Sri Lanka (IBSL) told The Sunday Times FT.
He explained that Section 47 (2) of the Insurance Act grants IBSL the power to make specific rules for auditors of insurance firms. "After the rules are gazetted, we can request the auditors to specifically state certain things in their audit reports such as if the firms do not maintain their liquidity and solvency margins, etc," Mr. Kariyawasam said.
He said this move will to some degree further ensure insurance firms maintain their regulatory requirements, adding that presently all firms are up to date with their regulatory requirements.
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